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Secret $1 Billion Tax On NY Millionaires

From the New York Post:

New York Gov. David Paterson, right, and New York Assembly Speaker Sheldon Silver, D-Manhattan, speak with reporters at the Capitol in Albany, N.Y., on Monday, May 17, 2010.

Shel’s secret millionaire tax to raise $1B

By FREDRIC U. DICKER and BRENDAN SCOTT Post Correspondents

May 26, 2010

ALBANY — Assembly Speaker Sheldon Silver, desperate to find new revenues to avoid budget cuts, has secretly proposed a $1 billion tax hike on the highest income earners, The Post has learned

Silver’s plan would be another "millionaire’s tax" aimed at some 75,000 New Yorkers, mainly Manhattan and suburban earners making $1 million or more a year.

Of course when Democrats like Mr. Silver say ‘millionaire,’ they actually mean the ‘middle class.’

It’s designed to avoid spending cuts sought by Paterson and backed by Cuomo by hiking the state’s current 8.97 percent millionaire’s tax to 9.97 percent, an 11 percent increase. That would bring the total local tax levy for high-income city residents to 13.618 percent, before federal taxes…

The most recent records show that in 2007 about 85,000 in-state and out-of-state taxpayers earned over $1 million in New York, but that number is believed to have dropped sharply in the wake of the 2008 Wall Street meltdown and the on-going national recession.

The highest 1 percent of income earners account for about 36 percent of all state taxes

Silver refused to disclose his proposal, although a spokesman conceded it involved "potential revenue raisers."

Silver led the way last year in imposing a massive "millionaire’s tax," which actually hit earners with incomes starting at $200,000 a year.

As we said, ‘millionaire’ is just a term Democrats use. It has nothing to do with making a million dollars a year.

It was supposed to raise nearly $4 billion annually, but revenues came in far lower because of the brutal national recession and the replacement of many taxable Wall Street bonuses with stock options, which are only taxed when exercised…

So they didn’t collect as much revenue as they had predicted with the last ‘millionaire’s tax’? Then by all means, they need to redouble their efforts.

After all, there are still some recalcitrant people with jobs living in New York.

This article was posted by Steve on Wednesday, May 26th, 2010. Comments are currently closed.

8 Responses to “Secret $1 Billion Tax On NY Millionaires”

  1. Yarddog1 says:

    The brilliant leadership of Nu Yawk will be left with nothing more than:

    1. Miscreants
    2. Moochers
    3. Muslims
    4. Mexicans

    How nice for them.

    Everyone else will move away to avoid oppression.

    Where will the money come from then?

  2. Mithrandir says:

    You mean this is the same tax bill that Democrats in New Jersey got vetoed.

    And the same bill Democrats are passing now in California that will be vetoed.

    Now New York?

    After the mere 1% tax on millionaires (without a balanced budget) they will go after the next tier of people with change in their pockets, those making $500,000/year, then those who make 6 figure salaries, then those in the upper 5 figure salaries, and on until 1/2 your clothes are taken to give to those who have none, and the only people who will still have clothes, food, and money, are the thieves who began it all in the first place. The parasites will continue to consume until the producers can no longer produce. . .

  3. untrainable says:

    Read his lips… no new taxes. They’re almost out of other people’s money, so what else can they do? Taking more of other people’s money for redistribution is their only option. Stop spending? That’s like asking a drug addict to stop taking drugs. Are you crazy? Just give them clean needles for free.

    How would New York pay all those teachers in the rubber room? How could they pay bus drivers who get spat on and need 2 years off with pay to recover? I think Charlton Heston has already seen the future of New York. Liberty on the beach. Now, we’re just waiting for that innovative Soylent Green solution. I’m sure it’s in the healthcare bill somewhere.

  4. NoNeoCommies says:

    Liberals want themselves to be the wealthy ones and no one else.
    Their definition of “rich” is one who earns a six+ figure income, not one who lives off invested wealth.
    The truly wealthy are not their targets (can’t have the Kennedys and Rockefellers pissed off at your party).
    They don’t want us Peons saving and investing our way to true wealth, so they scheme to take all our earnings away.

    On the brighter side, the rich will leave the city and they can turn all the newly vacated multi-million dollar penthouses into low-income housing.

  5. JohnMG says:

    …..“Tax increases will stifle economic growth, slow down sustainable job creation, and probably result in less government revenue in the long term.”….

    Regrettably, less government revenue doesn’t result in less government.

    If only that were so.

  6. Rusty Shackleford says:

    I like how the news story calls the current UE rate at 9.9%, not unlike the retail business selling their products for $9.99 because to call it TEN would be too much and buyers would object. A little word game we can all enjoy.

    And is this what we’ve come to? Where elected officials shout about the enormous tax increases as if it’s something to be proud of? I thought only Massachusetts was proud of such things. Which, again is interesting since Massachusetts had such a legacy of “No taxation without representation” some years back.

    But, then, the left id begging for the days when a king or other single figure can single-handedly guide the US to greatness, just like all those great European nations did back in the day. Good times…..good times.. (sarcasm)

  7. joeblough says:

    Well, there go the rich folks.

    Don’t these Nazi bastards ever learn a thing?

    What are they going to do, put up a fence around Manhattan and not let folks out?

    • BillK says:

      Don’t dismiss that.

      It’s not unlike the reason for the Berlin wall.

      You can’t enslave without preventing their escape.

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